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Franziska Mager is senior researcher and advocacy lead for climate and inequalities at the Tax Justice Network.

As the climate crisis accelerates, global fault lines widen. Wealthy nations gut aid budgets while pouring fortunes into their militaries. Their climate finance commitments ring hollow, hidden behind claims that public funds have run dry.

But the money is there – and a bold tax justice agenda can unlock it. Reclaiming tax sovereignty – the power to decide how wealth is taxed and where it goes – can shift resources from billionaires and corporate giants to real climate solutions.

Tax Justice Network analysis shows governments could raise an extra US$2.6 trillion a year by applying a modest wealth tax on the richest 0.5% and ending corporate tax abuse. This would more than cover global climate finance needs and still leave most countries with billions to invest in care, education and green jobs at home.

Coalition set sights on taxing luxury air travel to fund climate action

The climate crisis is accelerating. Floods, heatwaves and crop failures are pushing more people into precarity. Climate adaptation, mitigation, and loss and damage could cost US$9 trillion a year by 2030. Yet the global community is still scrambling to honour a US$100 billion pledge made over 15 years ago.

As attention turns from the Bonn climate talks to the fourth Financing for Development conference in Seville, climate finance remains a structural void that policy declarations alone cannot fill.

On the road to COP30 in Belém, governments face a critical choice: keep chasing inadequate voluntary climate finance handouts, or finally confront the rigged tax systems that let the super-rich and big polluters amass obscene wealth while the planet burns.

Plugging leaky tax systems

As our research shows, fair taxes on extreme wealth and curbing multinational tax abuse could raise more than double the UN’s US$1.3 trillion annual climate finance goal for 2035. The real issue isn’t where new money comes from, but why governments let public resources leak through a broken tax system.

Applying a modest annual wealth tax of 1.7-3.5% and reclaiming tax from multinationals that underpay could unlock revenue equal to 2.4% of global GDP. This money could be raised today if governments closed loopholes and took action.

Our modelling based on countries’ historic emissions responsibility shows striking results: with a US$300 billion global climate finance fund, 89% of countries could cover their share and still have billions left for public services. Even with a US$1.5 trillion fund, 58% would contribute their fair share and have money to spare.

Take the United States. It could raise enough additional revenue to contribute US$365 billion a year towards climate finance and still be left with US$412 billion to spend at home. China, India, the United Kingdom and Brazil follow the same pattern.

This is the core message of our climate finance slider tool. Taxing extreme wealth and curbing tax abuse does not pit climate justice against development. It enables both. The interactive tool shows how much countries could raise and how much they could contribute if tax rules were rebalanced in favour of people and planet.

Governments lose tax control

So why are countries still acting like climate finance is unaffordable?

The answer lies in decades of eroded tax sovereignty. Governments have signed away their taxing rights through unfair treaties, handed out corporate tax breaks under economic coercion, and let wealth pour into secrecy jurisdictions. In doing so, they’ve stripped themselves of the power – and the will – to tax the richest and biggest polluters driving the climate crisis.

Brazil’s environment minister suggests roadmap to end fossil fuels at COP30

Today, 61% of countries have an “endangered” level of tax sovereignty or worse — meaning they are failing to collect tax revenue worth at least 5% of what they already raise, largely from their richest households and from multinational corporations that underpay tax.

Nearly a fifth of countries fall into the “negated” category, missing out on the equivalent of 15% or more of their annual tax revenue. These are not natural constraints. They are political outcomes shaped by an unequal global financial system.

Across the Global South, the consequences are especially severe. Governments face impossible tradeoffs between education and adaptation, debt service and disaster response. Climate finance cannot be separated from this wider fiscal injustice.

When forced to borrow for every disaster or rely on aid pledges, governments lose both agency and time. The race to build resilience becomes a race against the clock – one they cannot win without revenue.

Wealth taxes popular with voters

It’s time to reframe the debate. Climate finance can’t rely on broken promises or voluntary pledges. It must come from fair, redistributive tax systems that reflect both capacity to pay and responsibility for emissions.

The upcoming UN Tax Convention is a once in a generation opportunity to rebalance global tax rules. Done right, it could help countries tax their richest residents and corporations fairly, ending tax havens, profit-shifting and billionaire impunity.

Comment: A global wealth tax is needed to help fund a just green transition

But we do not need to wait for negotiations to conclude. Countries can act now by introducing wealth taxes, renegotiating exploitative tax treaties, increasing transparency and aligning fiscal policies with climate goals.

These reforms are not only possible. They are popular. Polling consistently shows widespread support for taxing extreme wealth to fund public goods.

Extreme wealth fuels climate inaction, rising debt and inequality. In a world on fire, refusing to tax those who profit most is no longer neutral – it’s a global risk.

The post There is no climate finance gap – only a tax sovereignty gap appeared first on Climate Home News.

There is no climate finance gap – only a tax sovereignty gap

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Island nations fight to save cultural heritage from climate change

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Farmers and fishermen in the Maldives have long relied on an ancient calendar to guide their daily lives.

The Nakaiy system divides the year into 27 distinct periods, each named after a star or constellation in the night sky.

Any one period in the calendar tells you about expected weather and tidal patterns, navigational routes, and fishing conditions. The Nakaiy was created through centuries of careful observation and local knowledge, passed down through families as an essential tool for survival.

But things are now changing. The climate crisis is leading to more extreme weather events across the Indian Ocean island nation and upending the Nakaiy calendar.

“When you go and speak to communities and ask them what kind of impacts they are facing, a lot of elders will tell you that the weather, it doesn’t follow the calendar anymore,” explained Aishath Reesha Suhail, a programme officer in the Maldives’ Ministry of Tourism and Environment.

As the effects of climate change worsen, it is a real prospect that the Nakaiy may be abandoned by local people, representing a major cultural loss to the Maldives.

‘Systemic and growing threat’

With extreme weather becoming the norm, communities are observing a domino effect of consequences in their everyday lives. The slow onset of heritage loss is now being seen across continents, but notably among small islands in remote parts of the ocean.

“Climate change represents a systemic and growing threat to cultural heritage worldwide,” a UNESCO spokesperson told Climate Home, adding that the World Heritage Committee has identified climate change as “one of the most significant long-term risks affecting properties across all regions.”

UNESCO, the UN body for education, science and culture, defines the loss of cultural heritage as “the erosion of traditional knowledge systems, craftsmanship, social practices and identity, particularly where communities are displaced or livelihoods disrupted”. A clear example is historical sites and even entire islands washed into the ocean as a result of rising sea levels and coastal erosion. 

The Maldives is dealing with such a situation now. The Koagannu Cemetery is a 900-year-old resting place, located on the country’s southernmost atoll, a mere 50 metres from the shoreline. The monument’s intricate coral gravestones are being actively threatened by the encroaching Indian Ocean. 

The government and local community have responded to this challenge with emergency protection measures. Sandbags and concrete structures have been installed along the coastline, complemented by large numbers of palm trees to create a seawall. A wider solution is ‘beach nourishment’, a common practice in the Maldives where sand from elsewhere is brought in to replace what has been lost through erosion. Taken together, these solutions have so far protected the cemetery.

Pacific islands push back against growing climate threats

Among the many issues climate change creates, cultural heritage is not always front of mind. In the Maldives, one of the main barriers people face is awareness. “Most of what we are dealing with relates to the erosion of our islands along with areas such as fisheries… but we are quite limited in our capacity to do something about it,“ Suhail said.

“We don’t understand the full breadth of the issue at present because we haven’t been able to do extensive research on the matter,” she added. However, assessing the extent of the damage – and how to respond effectively – is a key priority for the government, outlined in its latest climate plan, known as a Nationally Determined Contribution, and as part of its National Adaptation Plan process.

Fishing is at the core of the country’s culture and identity, employing thousands of people. Most dishes include fish – “we have it for breakfast, lunch and dinner,” Suhail noted – but the climate crisis and overfishing are shifting how and when communities can fish. Tuna makes up 98% of all fish caught in the Maldives, but warmer ocean temperatures are changing migratory patterns, pushing the species into deeper, colder waters.

As a critical economic and cultural resource, the government has outlined a range of solutions to protect the fisheries sector in its first Biennial Transparency Report to the UN. These include using real-time tracking data to improve the efficiency of fishing operations; investing in canneries to increase fish storage; and diversifying away from tuna through marine farming.

Koagannu Cemetery, a 900-year-old resting place in the Maldives, is threatened by rising sea levels in the Indian Ocean. (Image: Ashwa Faheem) 

Koagannu Cemetery, a 900-year-old resting place in the Maldives, is threatened by rising sea levels in the Indian Ocean. (Image: Ashwa Faheem) 

Culture and nature go hand-in-hand

The same pattern is playing out elsewhere.

Palau and the Maldives are not close to one another. The two states are separated by around 4,000 miles and sit in different corners of the ocean. But both are experiencing very similar climate challenges, based on their position as a set of scattered, low-lying islands surrounded by an imposing body of blue water.

In the same way as the Maldives, Palau’s cultural heritage is closely tied to “land, coastlines and traditional food systems,” according to Toni Soalabla, at the Palau Office of Climate Change.

“Many of the places that hold stories, history and identity of our communities are located along the coast and are increasingly exposed to erosion and sea level rise,” she said.

One of these places is Ngerutechei village, reportedly the oldest in Palau, and home to ancient stone paths and carvings. The village provides a glimpse into the past social values and culture of the people in this western Pacific nation.

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As part of the development of Palau’s National Adaptation Plan, the government has worked with local leaders to identify similar sites of cultural significance. The plan encourages communities to use their own knowledge to create protective measures for these sites.

Climate change is also prompting communities to take up traditional land and food practices again. These include cultivating taro, a stable food source that has historically supported water, soil and food security on the islands. 

“These systems developed over generations in response to local environmental conditions, so strengthening them today is both a climate adaptation measure and a way of maintaining cultural knowledge that might otherwise fade,” said Soalabla.

Cultural practices in Palau have developed alongside the natural ecosystems that people rely on to survive. It is within this context that researchers believe adaptation policies should be created. Recognising this relationship “can strengthen both community identity and environmental resilience at the same time”, according to Soalabla.

Taro farming is making a return to Palau as a traditional source of food security. (Image: Kiara Worth / IISD / Palau Office of Climate Change)

Taro farming is making a return to Palau as a traditional source of food security. (Image: Kiara Worth / IISD / Palau Office of Climate Change)

An ancient monolith in Ngerutechei village is being protected against coastal erosion. (Image: Kiara Worth / IISD / Palau Office of Climate Change).

An ancient monolith in Ngerutechei village is being protected against coastal erosion. (Image: Kiara Worth / IISD / Palau Office of Climate Change).

Heritage on the global stage

The issue of cultural loss has not gone unnoticed in international climate negotiations. 

Small island states such as the Maldives have used their role at the UN to push for greater awareness and action, with some key successes.

In 2015, the Paris Agreement established a Global Goal on Adaptation (GGA) which recognised that countries needed to do something about climate change now and not later. However, it took six years before a framework and a set of adaptation targets were agreed at the UN climate summit in Glasgow to pursue this goal. 

From this came the establishment of seven overall themes – from poverty eradication to access to health – to guide adaptation action and a set of around 60 indicators to measure progress against the targets.

World leaders invited to see Pacific climate destruction before COP31

Emilie Beauchamp, an adaptation specialist at the International Institute for Sustainable Development (IISD), said that “cultural heritage was highlighted as one of the global priorities [of the GGA Framework] and is one of the seven themes, so it is considered very important by the international community.”

The much-debated set of indicators, only finalised in Belém at last year’s COP30, include five related to cultural heritage with a focus on preserving cultural practices and important sites that are “guided by traditional knowledge, Indigenous Peoples’ knowledge and local knowledge systems”. A spokesperson for UNESCO said the inclusion of heritage indicators “marks an important recognition that climate impacts extend beyond economic losses”. 

While critics said the set of final indicators was rushed through by the Brazilian presidency, they now serve as guidance for national governments that wish to implement plans to protect their common heritage. The missing piece of the puzzle remains how to finance these plans – something notably absent from the Belém text, which made clear that the adaptation indicators “do not create new financial obligations or commitments, nor liability or compensation”.

The lack of financial commitments proved disappointing for many small states grappling with how to prevent their cultural history from being entirely forgotten, especially at a time when adaptation finance remains below requirements. A recent UNEP report found that developing nations would need an estimated US$310 billion per year in 2035 to adapt to climate change, while current public financing was around $26 billion.

At these low levels “only a small percentage of what the framework outlines could be implemented,” according to Beauchamp.

Recent research from WRI and UNESCO found 73% of non-marine World Heritage Sites are threatened by at least one severe water risk.

Recent research from WRI and UNESCO found 73% of non-marine World Heritage Sites are threatened by at least one severe water risk.

The challenge of cultural heritage

When looking at low-lying islands on a map, they can appear as specks of land amid a vast ocean. Many of the stories from these remote places go unnoticed. But the specks represent millennia of human culture that is slowly being lost to the ocean.

While the international community has now recognised the problem and solutions exist, the recurring issue of scarce finance may prevent governments from taking sustained action. Island communities have already been forced to move home as sea levels rise, leaving behind their cultural connections to a place.

The value of any cultural asset, or of human heritage, can be judged by how it is engaged with over generations. Without human intervention, many historical sites, language, cuisine and other local customs would become a forgotten part of history. The rapid onset of climate change brings the role of cultural heritage into sharp relief, challenging communities to decide in real time what they value, what deserves saving, and how to achieve that.

Stories of cultural loss are not confined to small islands but it is here where the challenge is presenting most acutely. The experiences of these vulnerable nations in protecting their heritage will provide the litmus test for effective adaptation responses elsewhere.

Adam Wentworth is a freelance writer based in Brighton, UK.

(Main image: The Isdhoo Havitha is an ancient Buddhist monastery in the Maldives, located moments from the shoreline. Photo: Ashwa Faheem) 

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Island nations fight to save cultural heritage from climate change

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The Wabanaki Basketmakers’ Plans to Save Maine’s Ash Trees

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The invasive emerald ash borer, native to northeast Asia, has spread to 37 states over the past quarter century, killing nearly all of the ash trees it infests. But in Maine, a coalition of basketmakers, scientists and government officials are plotting a future for their trees.

Each strip of wood in Richard Silliboy’s hands started as a year of an ash tree’s life.

The Wabanaki Basketmakers’ Plans to Save Maine’s Ash Trees

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Toxic Ocean Crisis in Papua New Guinea Sparks Mass Marine Die-Off and Public Health Emergency

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Thousands of dead fish are washing ashore and people are falling ill too, as officials investigate possible sources of contamination.

It started in December, when dead fish began washing ashore New Ireland—a mountainous island in Papua New Guinea’s New Ireland Province, flanked by the Pacific Ocean and the Bismarck Sea.

Toxic Ocean Crisis in Papua New Guinea Sparks Mass Marine Die-Off and Public Health Emergency

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